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2022-206
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Last modified
10/31/2022 2:46:54 PM
Creation date
10/31/2022 2:39:31 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
First Amendment
Approved Date
10/11/2022
Control Number
2022-206
Agenda Item Number
8.D.
Entity Name
Nationwide Retirement Solutions, Inc. Corporation
Subject
First Amendment for recordkeeping services for Assets, termination of the ProAccount
Application for Group Flexible Purchase Payment Deferred Fixed Annuity Contract.
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Nationwide: <br />Nationwide will serve Plan Sponsor, in a non -fiduciary capacity, as the provider of Administrative <br />Services for the Plan Sponsor with respect to the Plan. Nationwide does not exercise any <br />discretionary control or authority over the Plan or the assets of the Plan, and this Agreement does <br />not require Nationwide to do so. Nationwide agrees to perform all Administrative Services for the <br />Plan Sponsor with respect to the Plan as described in this Agreement. This Agreement does not <br />require, nor shall this Agreement be construed as requiring, Nationwide to provide investment, <br />legal, or tax advice to the Plan Sponsor or to the participants of the Plan. <br />3. TERM <br />The Agreement term shall be for an initial period of five (5) years with two (2) consecutive two (2) <br />year renewals thereafter, commencing on August 15, 2017 and ending August 14, 2022 unless <br />sooner terminated by one or both of the parties pursuant to Section 8 of this Agreement. <br />4. COMPENSATION <br />A. Nationwide will be entitled to compensation for performance of the Administrative Services <br />for the Plan under this Agreement. Unless otherwise specified such compensation will be in <br />the form of payments made by Nationwide's affiliates or unaffiliated companies that are <br />providing products and/or services under their separate arrangements, as described in the <br />following subsection. <br />B. The Plan Sponsor acknowledges that Nationwide and its affiliates receive payments in <br />connection with the sale and servicing of investments allocated to participant Plan accounts <br />("Investment Option Payments"). In addition to the foregoing, the parties acknowledge and <br />agree that Nationwide may receive revenue associated with annuity contracts, revenue from <br />mutual fund providers, as well as fees associated with specific services or products. The <br />Investment Option Payments include mutual fund payments, which are described in detail at <br />www.nrsforu.com, and other payments received from investment option providers. <br />Nationwide agrees to credit all Investment Option Payments to participant accounts on a <br />quarterly basis. The Investment Option Payments shall be credited to participant accounts <br />on a pro -rata basis based on each participant's total assets held in all Plan investment options <br />that generate the Investment Option Payments. <br />C. As compensation for the Administrative Services provided by Nationwide pursuant to this <br />Agreement, Plan Sponsor and Nationwide agree that Nationwide shall be entitled to an <br />annualized compensation requirement of 0.25% (25 basis points) of the Plan's account value <br />held by Nationwide ("Compensation Requirement") per year to be calculated and collected <br />according to Nationwide's standard business practices. In calculating the 25 basis points, the <br />total Plan assets will include Plan balances held in the Self -Directed Brokerage Account and <br />as outstanding participant loan balances. The explicit asset management charge of .25% will <br />be taken against participant loans by applying an additional finance charge to the loan interest <br />rate. <br />D. Nationwide will provide the Plan Sponsor a quarterly report showing total participant account <br />balances and the corresponding fee calculation within thirty (30) business days after the end <br />of each quarter. <br />-2- <br />
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